25 July 2013 13:14 [Source: ICIS news]
LONDON (ICIS)--Dow Chemical’s second quarter net profit reached $2.3bn including a $2.2bn gain from the final arbitration decision on the K-Dow venture in Kuwait, the US chemicals major said on Thursday.
Net income in the 2012 second quarter was $649m (€493).
Dow said that its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were up by 8.5% at $2.1bn on a significant increase in profits from its Performance Plastics segment.
Performance Plastics' adjusted EBITDA at $1.0bn were 32.9% higher than in the second quarter of 2012.
Adjusted EBITDA from the company’s other operating segments, however, were all lower in the latest quarter, with Coatings and Infrastructure solution earnings down by 25.8%, Performance Materials down by 18.9%, Electronic and Functional Materials profits down by 11.5% and Agricultural Sciences earnings down by 5.5%.
Dow’s group sales were flat at $14.6bn but volumes were up by 2%, with gains in most geographic areas, the company said.
“Our results in the second quarter are indicative of Dow’s focus and drive to aggressively manage our portfolio and generate momentum across our enterprise – expanding margins, growing cash flow and increasing earnings, even in the midst of a slow-growth macroeconomic environment,” CEO Andrew Liveris said.
“The company is well-positioned to deliver year-over-year earnings improvement in the second half of 2013,” he added.
“Moving forward, we are aggressively managing and continue to evaluate every aspect of our portfolio to release and deliver value for our shareholders.”
($1 = €0.76)
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